How to Shape Your Lasting Impact

When we think of legacies, we often picture grand inheritances or famous philanthropists. However, a legacy is much more than material wealth or fame; it's the lasting impact you leave on the world. As a modern estate planning company, we understand the nuances of crafting a legacy. Whether it's a financial inheritance, a charitable cause, or passing down family values, every legacy is unique. Let's explore the various types of legacies to help you explore what yours could be.

1. Financial Legacy

It’s not all the money, it’s about being smart enough to know how to handle your money. Warren Buffett, one of the wealthiest individuals in the world, plans to leave the bulk of his fortune to charity, ensuring his legacy of both wealth and generosity. You can create a financial legacy through smart estate planning to help ensure your values and financial legacy live on.

2. Real Estate Legacy: Foundations of the Future

Real estate legacies are not just about properties but about the memories and values they represent. Consider Walt Disney, who left behind not just theme parks but a world of imagination. By planning your estate, you can ensure your real estate becomes a foundation for your family’s future or a source of community development.

3. An Entrepreneurial Spirit

Leaving a business legacy is about instilling an entrepreneurial spirit in the company values and its employees. Steve Jobs left behind a legacy of innovation through Apple. Small business owners can also leave a significant impact on their communities by planning for business succession and mentoring future leaders. However a will is not enough for small business owners since the probate process can add a lot of strain to a business. This is why a will with a living trust is frequently the preferred structure.

4. The Gift of Time

Philanthropy is not limited to the wealthy. Mother Teresa’s legacy of compassion reminds us that giving time and love can be as impactful as monetary donations. Which you can do today while also incorporating charitable giving in your estate planning through donations, foundations, or trusts. But even just giving time and attention is a huge way to help and create a legacy.

5. The Gift of Knowledge

Education legacies can shape future generations. Malala Yousafzai’s advocacy for girls' education exemplifies this. Set up scholarships, educational trusts, or support academic institutions to leave a legacy of learning. Benjamin Franklin said, "an investment in knowledge pays the best interest."

6. Preserving Culture, Heritage, and Art

Artistic legacies like that of Leonardo da Vinci show how culture can be preserved through time. Consider donating to arts programs, museums, or creating public art projects to enrich cultural landscapes. Or be inspired by Peggy Guggenheim and prioritize supporting living artists, enabling them to earn a sustainable income.

7. Protecting Our Planet

Environmentalists like Greta Thunberg show us how important a positive environmental legacy is and that you can start crafting your own at any age. By actively protecting our planet now and including ecological charities in your estate plan, we will help make sure future generations have a home to inhabit.

"We do not inherit the earth from our ancestors; we borrow it from our children." – Native American Proverb

8. The Value of Values

Values are the invisible legacy that guides future generations. Nelson Mandela’s life of resilience and forgiveness is a powerful example. Share your life lessons, write a memoir, or set up ethical trusts to pass on your values. Put it in writing or record a voice note, but protect and share your personal learnings for future generations.

9. A Commitment to Community

Public service legacies are built by individuals like Mahatma Gandhi, who dedicated their lives to serving others. Involve yourself in community service and consider creating foundations or trusts that support civic causes. If we each invest in our own community (and everything a kid is raising money for something) every community around the world improves.

10. Innovations and Ideas

Intellectual legacies, like Albert Einstein's have a lasting impact on the world and the way we think. To contribute in this domain, you could support research in your field of interest, write articles or books to share your insights, or engage in teaching to educate the next generation. Additionally, mentoring an apprentice or a mentee allows you to directly pass your knowledge to the next generation allowing it to transcends time.

11. Ensuring Well-being

Creating a legacy of care means thoughtful planning for the well-being of your loved ones and yourself. This may involve prearranging assisted living, establishing special needs trusts, or ensuring the welfare of your pets. Chances are, you know someone in your community who has gone the extra mile to support others. Take a moment to acknowledge their dedication and perhaps inquire about the valuable lessons they've gained in their journey.

Your Choice, Your Legacy

When we consider those 11 types of legacies, it’s clear that legacy is not solely about wealth or fame; it's about the enduring good we bring to our communities. As estate planning experts, we’re here to help you navigate this journey. From drafting a will, to setting up charitable trusts, your legacy can be as unique as you are. Remember, it's not just about what you leave behind, but how you made a difference. The kind of difference you make it up to you.

If you would like help protecting your legacy, please book a call with us to discuss how we can protect yours.

Exploring Different Types of Legacies